It?s an old cliche that a little knowledge can be a dangerous thing. It is often true in estate planning. Here?s a common example. An elderly person of limited means has heard that his or her home will have to go through probate when he or she passes away unless it is transferred to someone else before the elderly person passes away. Thinking about how awful probate can be, the elderly person decides to transfer the home to the child. That is a gigantic mistake.
Once a home belongs to a child instead of the parent who lives in the home, then all sorts of bad things can happen. If the parent and child get in a disagreement, the child can evict the parent from the home. The child can sell the house. The child?s creditors can go after the house. The child might forget to pay property taxes.
There are much better ways to avoid probate. Trusts are the normal way, but an estate planning attorney can also present you with other options. Whatever you do, do not transfer your home to a child before consulting with an estate planning attorney. It might be the biggest mistake of your life.
The Bonfrisco Law Firm is a member of the American Academy of Estate Planning Attorneys.
Tags: estate plan, Estate Planning
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Source: http://www.njtrustlawyer.com/blog/2012/08/dangers-joint-ownership/
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